2. We want markets to function efficiently so that flows of funds are not hindered or impaired in the economy since it affects our standard of living. A. State two ways markets can be efficient B. Briefly describe the three forms of informational efficiency.
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Introduction
Market is the organized activity of buying and selling goods and services. It is the place where buyers and sellers meet and exchange goods, services, and money. In today's globalized economy, markets are no longer limited to physical locations – they exist in virtual spaces, too. Markets rely on the principles of supply and demand, which dictate the prices of goods and services. Markets are also closely linked to other economic concepts, such as competition and market structure.
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- Use the cause-and-effect chart to answer the question. Cause Effect Technology allows the transfer of goods and services through the use of computers. Which of the following best completes the chart? O A. E-commerce is slow and frustrating, so people still prefer to shop in stores. B. E-commerce is a large and growing sector of the global economy. C. E-commerce is dangerous to consumers and requires heavy regulation. D. E-commerce has failed to connect producers and consumers all over the world. wered pe here to search F6 F7 F8 F9 F10 F11 F2 F3 F4 F5 & %23 3 4. 7 60 立4. Four roommates are planning to spend the weekend in their dorm suite watching old olent atsomos movies, and they are debating how many to watch. The table below contains their willingness to pay for each film. 1st film 2nd film 3rd film 4th film 5th film John $7 $6 $5 $4 $3 bhag 12 Seiner Paul $5 $4 $3 $2 $1 van sit Vedda noinwo (hose il qalihe: 0x sla 2102 gulden et 150 yebesnbew sho George $3 $2 $1 $0 $0 olboed yd bacoes maldong taboog diktug ton one forld amesi sbivond themsvde sa asob vrlw Ringo og $2 $1 $0 $0 $0 20607) 1610A (b 2)99712 vdio (9 mag mize itsinsrof wall (d e. Suppose they agree in advance to choose the efficient number of movies and split the cost based on willingness to pay. Does John have an incentive to tell the truth? Why or why not? panini1. What makes a certain behavior unethical? * a.If it might cause harm to yourself. b.If it might cause too much happiness to others. c.If it might cause confusion to others. 2. A normative study of ethics, as is often done in philosophy or moral theology, engages the question: What could or should be considered as the right way of acting? Identify a good example that could illustrate what normative study of ethics is a .Ethics is based on the primitive practices of humans. b. Ethics is based on existing doctrines and tells us what is the prescribe human behaviors. c. Ethics is based on religious practices 3. What makes rule necessary for peace and order? * a.Rule forces people to comply with societal standards. b.Rule organizes moral development of the members of society. c. Rules guide people to do what they want and need to do. 4. Which of the following is a moral issue? a. A student finds naked painting offensive. b. A student confuse about his/her career. c. A student…
- 1. Describe economics as the study of "choice" and "scarcity".Under which of the following scenarios would a park be considered a common resource? Select one: a. Visitors to the park must pay an admittance fee, but there are always plenty of empty picnic tables. O b. Vistors to the park must pay an admittance fee and frequently all of the picnic tables are in use. c. Visitors can enter the park free of charge and there are always plenty of empty picnic tables. d. Visitors can enter the park free of charge, but frequently all of the picnic tables are in use.Sue Tom Good A 10 4 Select one: Good B 15 5 As shown in the table above, Sue and Tom each can produce two different types of goods. For Sue, if she only produces Good A, then she can produce 10 units of Good A per day. If she only produces Good B, then she can produce 15 units of Good B per day. For Tom, if he only produces Good A, then she can produce 4 units of Good A per day. If she only produces Good B, then she can produce 5 units of Good B per day. Which of the following statement is correct about comparative advantage? O a. Tom has a comparative advantage over Sue in the production of Good A. Sue has a comparative advantage over Tom in the production of Good B O b. Tom has a comparative advantage over Sue in both tasks O c. Sue has a comparative advantage over Tom in both tasks O d. Sue has a comparative advantage over Tom in the production of Good A. Tom has a comparative advantage over Sue in the production of Good B
- what are 2 assumptions that underline the conclusion that free market are efficient?1. Consider the following conversation.CHAD: “None of the COVID-19 vaccines in Canada has full Health Canadaapproval, and if you get injured from the vaccines, then the pharmaceutical companiesare not liable. Furthermore, the vaccines do not prevent against the spread ofcoronavirus, though they may reduce symptoms. However, their efficacy wanes aftera few months.”VIRGO: “Vaccines have helped humanity to conquer diseases like tetanus andsmallpox. Why are you saying that vaccines don’t help at all?”Which logical fallacy does Virgo commit?(A) Argument from authority.(B) Ad Hominem.(C) Post Hoc Ergo Procter Hoc.(D) Straw Man.7:32 AM 0.1KB/s O 63 expert.chegg.com/expei Chegg Home Expert Q&A My answers Time remaining: 00:09:22 Economics Aristotle made a key distinction between what he called 'natural' and 'un-natural' exchange. For this assignment, answer the following two questions in a page or so. 1. What is 'un-natural' exchange and why was Aristotle so worried about it? 2. How did the feudal system, via 'Canon law', manage economic and market activity?
- Which of the following assertions regarding the economic approach is false?a. The goal of economic approach is to maximise net benefits.b. A change is economically efficient as long as marginal benefit is at least as greatas marginal cost.c. A change is economically efficient as long as the marginal social benefits exceedsmarginal private benefits.d. Economists prefer incentive-based policies to command-and-control.An economy will achieve productive efficiency when it ___ and will achieve allocative efficiency when it ___. s producing the combination of goods and services that most benefit the people in the economy; Is maximizing production and could not increase production of both goods at the same time. Is maximizing production and could not increase production of both goods at the same time; is producing the combination of goods and services that most benefit the people in the economy. Is maximizing production and could not increase production of both goods at the same time; is producing an equal amount of both goods. Is producing beyond the production possibility frontier; is producing inside the production possibility frontier.The following is a table that shows the production possibilities for Good X and Good Y. Type of Production Possibilities Goods A B. D. E X 2 4 6. 8. Y 30 27 21 12 a. Show these data graphically on a piece of graph paper. b. What is the cost of producing 2 units of good X? c. What is the cost of producing 6 units of good X? d. What is the cost of increasing the production of good X from 4 to 8 units? e. What is the cost of moving from combination D to A? f. Label a point F inside the PPC. What is point F imply? g. Label a point G outside the PPC. What is point G imply? h. Label a point H on the PPC. What does point H imply? i. What does it mean when the combination moves from B to E along the same PPC? j. What is the this of PPC. Explain. 45